3 Secrets about VALUE that you Need to Know

3 Secrets about VALUE that you Need to Know

Beauty is in the eye of the beholder. And, Ronn Torossian points out, so is value. And this principle extends well past monetary value. Everything in limited supply has value. Even if that value is temporary or transitory. The relative nature of value must be taken into consideration in order to craft an impactful product marketing campaign.

Perceived Value

Who is my target, and how desperately do they want or need what I have to offer? Answering this question takes the topic of value to a whole other level.

Perceived value is more important than actual value

Remember the pet rock? What about designer clothes that were popular ten or twenty years ago? You might find one at a garage sale and the other at a thrift store. What sold at mall prices a decade ago is not worth less than half what someone gladly paid for it back then. Why? Because of the perceived value. That pair of jeans may still be in great condition. In fact, that pair of jeans may be brand new, but if it has the wrong label on it or you find it at the “wrong” store, you won’t pay retail.

Time and convenience also have value

While they mean different things to different people, time and convenience have a definitive, tangible worth. This can be factored into establishing the value of a product or defining the worth of a service. To correctly ascertain the proper value, the time vs. income and enjoyment vs. labor components need to be considered. For example, a person may have lots of time but less income. They don’t mind searching for deals in that case. However, if a person has little time, you would do well to offer them time-saving conveniences.

Perceived value can change actual value

In the housing market, much of the current fair market value is based on recent sales of similar homes in similar neighborhoods. But, in the field of real estate PR, Ronn Torossian says market value is not the only thing to keep in mind. Market value is also informed by the perception of the buyer. Do they see what they are looking for? If so, they may be willing to pay more. If not, expect them to be reluctant to pay even fair market value.

Keep these value strategies in mind when working out your product or service consumer PR plan. For more help getting the most from your communication efforts, contact Ronn Torossian and 5WPR here.

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Ronn is known for his resourceful, results-focused orientation, as well as his close working relationships with members of the media, influencers, decision makers, politicians, and celebrities. He oversaw the growth and expansion of 5W to the Inc. 500 list. 5W is recognized as one of the top 25 PR agencies in the US. At 5W, Torossian's client experience has included public relations programs for companies such as, Coca-Cola, Microsoft, Anheuser-Busch, Barnes & Noble, Cantor Fitzgerald, IHOP, McDonald's, Evian, XM Radio, Seagram's, The Loews Regency, Bad Boy Worldwide Entertainment, Marriott Hotels, and others. As one of the foremost public relations experts in the US his work spans global interests, corporate entities, high-profile individuals, regional business entities, government agencies and academic institutions. Torossian was a semi-finalist for Ernst & Young’s Entrepreneur of the Year and was named to both PR Week’s “40 Under 40” and Advertising Age’s “40 Under 40” lists. His book, “For Immediate Release,” hit bookshelves in 2011 and is available nationwide. He is a regular lecturer at universities and conferences and is a member of Young Presidents Organization 9YPO) and sits on the board of numerous non-profits